Education Profiteering: Wall Street's Next Big Thing

The end of the Chicago teachers' strike was but a temporary regional truce in the civil war that plagues the nation's public schools.

There is no end in sight, in part because -- as often happens in wartime -- the conflict is increasingly being driven by profiteers.

The familiar media narrative tells us that this is a fight over how to improve our schools. On the one side are the self-styled reformers, who argue that the central problem with American K-12 education is low-quality teachers protected by their unions. Their solution is privatization, with its most common form being the privately run but publicly financed charter school. Because charter schools are mostly unregulated, nonunion and compete for students, their promoters claim they will, ipso facto, perform better than public schools.

On the other side are teachers and their unions who are cast as villains. The conventional plot line is that they resist change, blame poverty for their schools' failings and protect their jobs and turf.